Bizdata Insights Main Logo

BizData Insights

Tax receipts fell 17,170 crore short of the goal

Economic Tag: Vat & Tax

The National Board of Revenue (NBR) missed the goal set for the July-January period of the current financial year 2022–2023 by 9.05 percent, or Tk 17,170 crore according to NBR preliminary data. Yet, when compared to the same period in the prior fiscal year 2021–2022, revenue collection increased by 12%.

The revenue board’s income tax division brought in Tk 55,160 crore, the VAT division brought in Tk 61,296 crore vs the target of Tk 69,134 crore, and the customs division brought in Tk 55,948 crore. Over the previous five years, the growth in revenue collection was 12.12% on average. The total amount of income collected in January fell 2.30 percent from the previous year to Tk 24,909 crore.

 

 

 

Source for more details:

New Age BD

 

Source for more details:

Related News

Income Tax Return Mandatory for Renting Community Center

May 29, 2024

The upcoming budget may introduce a new requirement mandating the submission of annual income tax returns before renting a community center or auditorium for any event. This means that individuals and organizations will need to provide a copy of their tax return to secure a rental, otherwise, the event cannot take place. This initiative aims to expand the compulsory filing of tax returns for various public

Govt Plans to Decrease Tax Deduction Rates for Raw Materials

May 29, 2024

The government plans to reduce tax deduction rates at source for raw material supplies to manufacturers from 4% to 3%, and for finished products to retailers from 5% to 4% in the next fiscal year. A single 5% source tax rate for contractor payments will replace the current tiered rates of 3%, 5%, and 7%. This move aims to ease financial pressure on local manufacturers and traders, treating the deducted tax as the minimum and final settlement if their income doesn't exceed it.

US Businesses Seek Stability in Tax Policy for Investing in BD

May 28, 2024

Prime Minister's Private Industry and Investment Adviser emphasized the importance of a stable tax environment to attract US investments in Bangladeshi companies. Following discussions with a US-Bangladesh Business Council delegation, it was revealed that US investors prioritize assurances of tax stability over the next 5-10 years.

Govt May Cut Source Tax on Essential Food Commodities

May 28, 2024

The Bangladesh government is considering reducing the source tax on incomes from the supply of essential food commodities in an effort to combat rising inflation. This initiative aims to ease the financial burden on suppliers and ultimately help lower the prices of staple foods for consumers.

Govt Considering Ending Tax Holiday for Physical Infrastructure Investors

May 28, 2024

The government may not extend the current tax holiday for investors in physical infrastructure in the upcoming fiscal year as the National Board of Revenue (NBR) aims to reduce tax-exempt items to meet higher collection targets. Presently, the NBR offers a 10-year tax benefit on income from infrastructure projects such as ports, expressways, toll roads, ICT parks, LNG terminals, and renewable energy facilities, provided they commence operations by June 2024.

FBCCI Urges Customs Act Reforms for Business Facilitation

May 28, 2024

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has called on the National Board of Revenue (NBR) to amend the Customs Act and implement full automation to streamline customs management. These reforms aim to simplify procedures, foster a more business-friendly environment, and reduce operational costs in Bangladesh. The FBCCI highlighted the challenges posed by the

Related News

Income Tax Return Mandatory for Renting Community Center

May 29, 2024

The upcoming budget may introduce a new requirement mandating the submission of annual income tax returns before renting a community center or auditorium for any event. This means that individuals and organizations will need to provide a copy of their tax return to secure a rental, otherwise, the event cannot take place. This initiative aims to expand the compulsory filing of tax returns for various public

Govt Plans to Decrease Tax Deduction Rates for Raw Materials

May 29, 2024

The government plans to reduce tax deduction rates at source for raw material supplies to manufacturers from 4% to 3%, and for finished products to retailers from 5% to 4% in the next fiscal year. A single 5% source tax rate for contractor payments will replace the current tiered rates of 3%, 5%, and 7%. This move aims to ease financial pressure on local manufacturers and traders, treating the deducted tax as the minimum and final settlement if their income doesn't exceed it.

US Businesses Seek Stability in Tax Policy for Investing in BD

May 28, 2024

Prime Minister's Private Industry and Investment Adviser emphasized the importance of a stable tax environment to attract US investments in Bangladeshi companies. Following discussions with a US-Bangladesh Business Council delegation, it was revealed that US investors prioritize assurances of tax stability over the next 5-10 years.

Govt May Cut Source Tax on Essential Food Commodities

May 28, 2024

The Bangladesh government is considering reducing the source tax on incomes from the supply of essential food commodities in an effort to combat rising inflation. This initiative aims to ease the financial burden on suppliers and ultimately help lower the prices of staple foods for consumers.

Govt Considering Ending Tax Holiday for Physical Infrastructure Investors

May 28, 2024

The government may not extend the current tax holiday for investors in physical infrastructure in the upcoming fiscal year as the National Board of Revenue (NBR) aims to reduce tax-exempt items to meet higher collection targets. Presently, the NBR offers a 10-year tax benefit on income from infrastructure projects such as ports, expressways, toll roads, ICT parks, LNG terminals, and renewable energy facilities, provided they commence operations by June 2024.

FBCCI Urges Customs Act Reforms for Business Facilitation

May 28, 2024

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has called on the National Board of Revenue (NBR) to amend the Customs Act and implement full automation to streamline customs management. These reforms aim to simplify procedures, foster a more business-friendly environment, and reduce operational costs in Bangladesh. The FBCCI highlighted the challenges posed by the

BUSINESSMONITOR

Connect with


Dont Have Account? Please register Here